2008 car sales down 11.3%

New figures have shown that the number of new cars sold in 2008 fell by 11.3% compared with 2007 – a sign of shifting consumer attitudes as the economy continues to struggle and consumers look to avoid getting into debt.

The report from the Society of Motor Manufacturers and Traders (SMMT) also showed that car sales fell for eight consecutive months up to December, with December’s new car sales 21.2% lower compared with the same month in 2007, and November’s total standing at 36.8% lower than the same month in 2007.

New car sales are widely considered by economists to be a good indicator of consumer confidence, a driving force behind the economy.

A debt expert for Think Money said: “A fall in new car sales is to be expected in these difficult times. Consumers may be either relying more on second-hand purchases, or avoiding purchases altogether. “New car purchases may also be more likely to rely on credit – which has become harder to come by for many drivers – and some may simply be avoiding getting into debt to fund their purchases.”

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